As speculation mounted over who will step into his shoes as chairman of the UK Accounting Standards Board, Ken Wild, a member of the board, commented: ‘It’s very difficult to define the job description at this stage. But, I’m sure there will be greater closeness between IASC and the ASB.’
Allan Cook, technical advisor at the ASB, added: ‘The new chairman will have a higher profile in the job brief. Our influence over the IASC will depend on the quality of our arguments.’ He added: ‘The ASB can bring a lot to the debate with European colleagues. I hope we can develop ideas together.’
The ASB has already begun the search for a successor to Sir David who will step down in December to take up his new position on the recently revamped IASC.
Experts believe the role of the incoming ASB must be adjusted to accommodate recent developments on the international standard setting scene.
Both the European Union and Iosco, the international club of stock market regulators, have recently signalled their support for the development of global standards.
The new UK standards chief will be expected to play a greater role in European decision-making following the decision to adopt the 30 core international accounting standards by 2005.
Critics in the UK fear a ‘get-out’ clause inserted by the European Commission will hinder the development of harmonisation.
Cook said he hoped that when dealing with IASs in a European context, the Commission would participate beforehand and not after standards have been set.